The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Malouf Companies™ will expand its facility in Utah, adding up to 4,200 new high-paying Utah jobs in the next 20 years.
“The number of jobs Malouf Companies plans to bring to the state will have a lasting impact in northern Utah,” said Dan Hemmert, Go Utah’s executive director. “In the next 20 years, the company plans to hire for jobs in finance, legal, sales and development, engineering, product development, and many more. We look forward to the company’s success and wish them the best with this expansion.”
Malouf Companies™ is an innovative tech-based lifestyle and wellness conglomerate. The company brings high-quality jobs to northern Utah and operates in three corporate offices and seven distribution centers. As Utah’s largest Certified B Corporation, the company focuses on using its business as a force for good by serving a triple bottom line of people, planet, and profits.
“The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity,” said Malouf Companies™ CEO Sam Malouf. “We’ve been able to work together to fuel our expansion and build out our international headquarters in Cache Valley, even through a difficult year. I’m excited to see what we can accomplish with this additional support from the state.”
Malouf Companies may receive up to 50% of the additional state taxes it will pay over the 20-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $56,033,994. Each year Malouf Companies™ meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“While EDCUtah’s involvement in this specific expansion was minimal, we join the rest of ‘Team Utah’ in congratulating the company for its continued and growing presence in Cache Valley,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah.
State of Utah Tax Credit Projections by the Numbers
|Capital investment||$450 million|
|Projected new state tax revenue||$186,779,980|
|EDTIF new state taxes||50%|
About Rural Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits to promote rural businesses development. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the Office confirms those criteria have been met, according to statute (U.C.A. 63N-2-104(c)(ii)), companies can receive a refund of up to 50% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.